UNIVERSITY OF NORTH CAROLINA AT
WILMINGTON INTERCOLLEGIATE
ATHLETICS PROGRAM
INDEPENDENT ACCOUNTANTS’ REPORT ON THE
APPLICATION OF AGREED-UPON PROCEDURES
FOR THE YEAR ENDED JUNE 30, 2013
UNIVERSITY OF NORTH CAROLINA AT WILMINGTON
INTERCOLLEGIATE ATHLETICS PROGRAM
TABLE OF CONTENTS
JUNE 30, 2013
Page(s)
Independent Accountants’ Report on the Application of
Agreed-Upon Procedures
1 – 12
Exhibits
Exhibit I – Statement of Revenues and Expenses
Exhibit II – Notes to Statement of Revenues and Expenses
13
14
INDEPENDENT ACCOUNTANTS’ REPORT ON THE
APPLICATION OF AGREED-UPON PROCEDURES
Dr. Gary L. Miller, Chancellor,
University of North Carolina at Wilmington:
We have performed the procedures enumerated below, which were agreed to by the Chancellor of the
University of North Carolina at Wilmington (the University), solely to assist the University in evaluating
whether the accompanying statement of revenues and expenses (Exhibit I) of the University of North
Carolina at Wilmington Intercollegiate Athletics Program (the Program) is in compliance with the
National Collegiate Athletic Program (NCAA) Bylaw 3.2.4.16 for the year ended June 30, 2013. The
University’s management is responsible for the statement of revenues and expenses (the Statement) and
the statement’s compliance with those requirements. This agreed-upon procedures engagement was
conducted in accordance with attestation standards established by the American Institute of Certified
Public Accountants. The sufficiency of these procedures is solely the responsibility of those parties
specified in this report. Consequently, we make no representation regarding the sufficiency of the
procedures described below either for the purpose for which this report has been requested or for any
other purpose.
Exceptions totaling the lesser of $5,000 or 10% of the line item total to which an agreed-upon procedure
has been applied to, other than exceptions related to internal control procedures of the Program, for which
there are no thresholds, have been reported. The procedures that we performed and our findings are as
follows:
Agreed-Upon Procedures Related to the Statement of Revenues and Expenses
Procedure
Finding
All Revenue Categories
1. Compare and agree each operating revenue category
reported in the statement during the reporting period to
supporting schedules provided by the Program.
No exceptions noted.
2. Compare and agree a sample of operating revenue
receipts obtained from the above operating revenue
supporting schedules to adequate supporting
documentation.
No exceptions noted.
3. Compare each major revenue account to prior period
amounts and budget estimates. Obtain and document an
understanding of any significant variations.
No exceptions noted and amounts
and explanations for variations from
the prior period and the budget are
reasonable.
-1-
Procedure
Finding
Ticket Sales
1. Compare tickets sold during the reporting period,
complimentary tickets provided during the reporting
period and unsold tickets to the related revenue
reported by the Program in the statement and the
related attendance figures.
No exceptions noted.
2. Recalculate totals.
No exceptions noted.
Student Fees
1. Compare and agree student fees reported by the
Program in the statement for the reporting to student
enrollments during the same reporting period.
We were able to reconcile student
fees reported by the Program to
student enrollment data provided by
the University within approximately
$77,000 or 1.20%. We noted that
regular differences occur primarily
due to refunds of athletic fees for
dropped classes where the timing of
such refunds may fall in a different
fiscal year.
2. Obtain and document an understanding of the
institution's methodology for allocating student fees to
intercollegiate athletics programs.
An understanding of the institution’s
methodology was gained, and we
noted that the allocation was in
accordance with the University’s
methodology.
3. Recalculate totals.
No exceptions noted.
Guarantees
1. Select a sample of settlement reports for away games
during the reporting period and agree each selection to
the Program's general ledger and/or the statement.
No exceptions noted.
2. Select a sample of contractual agreements pertaining to
revenues derived from guaranteed contests during the
reporting period and compare and agree each selection
to the Program's general ledger and/or the statement.
No exceptions noted.
3. Recalculate totals.
No exceptions noted.
Contributions
1. Compare each major revenue account to prior period
amounts and budget estimates. Obtain and document an
understanding of any significant variations.
-2-
No exceptions noted and amounts
and explanations for variations from
the prior period and the budget are
reasonable.
Procedure
Finding
2. For any contributions of moneys, goods or services
received directly by an intercollegiate athletics program
from any affiliated or outside organization, agency or
group of individuals (two or more) not included above
(e.g., contributions by corporate sponsors) that
constitutes 10 percent or more of all contributions
received for intercollegiate athletics during the
reporting period shall obtain and review supporting
documentation for each contribution.
No exceptions noted.
Compensation and Benefits Provided by a Third-Party
1. Obtain the summary of revenues from affiliated and
outside organizations (the "Summary") as of the end of
the reporting period from the Program.
The summary was obtained for the
year ended June 30, 2013.
2. Select a sample of funds from the Summary and
compare and agree each selection to supporting
documentation, the Program's general ledger and/or the
Summary.
No exceptions noted.
3. Recalculate totals.
No exceptions noted.
4. If the third party was audited by independent auditors,
obtain the related independent auditors' report.
No exceptions noted.
Direct State or Other Governmental Support
1. Compare direct state or other governmental support
recorded by the Program during the reporting period
with state appropriations, institutional authorizations
and/or other corroborative supporting documentation.
As there was no direct state or other
governmental support for the year
ended June 30, 2013, procedure was
not performed.
2. Recalculate totals.
As there was no direct state or other
governmental support for the year
ended June 30, 2013, procedure was
not performed.
Direct Institutional Support
1. Compare the direct institutional support recorded by the
Program during the reporting period with state
appropriations, institutional authorizations and/or other
corroborative supporting documentation.
No exceptions noted.
2. Recalculate totals.
No exceptions noted.
Indirect Facilities and Administrative Support
1. Compare the indirect facilities and administrative
support recorded by the Program during the reporting
period with state appropriations, institutional
authorizations and/or other corroborative supporting
documentation.
-3-
As there was no indirect facilities and
administrative support for the year
ended June 30, 2013, procedure was
not performed.
Procedure
Finding
2. Recalculate totals.
As there was no indirect facilities and
administrative support for the year
ended June 30, 2013, procedure was
not performed.
NCAA/Conference Distributions Including All Tournament
Revenues
1. Obtain and inspect agreements related to the Program’s
participation in revenues from tournaments during the
reporting period to gain an understanding of the
relevant terms and conditions.
Agreements were obtained and an
understanding of the relevant terms
and conditions was gained.
2. Compare and agree the related revenues to the
Program's general ledger, and/or the statement.
No exceptions noted.
3. Recalculate totals.
No exceptions noted.
Broadcast, Television, Radio and Internet Rights
1. Obtain and inspect agreements related to the Program's
participation in revenues from broadcast, television,
radio and internet rights to gain an understanding of the
relevant terms and conditions.
As there were no broadcast,
television, radio and internet rights
revenues for the year ended June 30,
2013, this procedure was not
performed.
2. Compare and agree related revenues to the Program's
general ledger, and/or the statement.
As there were no broadcast,
television, radio and internet rights
revenues for the year ended June 30,
2013, this procedure was not
performed.
3. Recalculate totals.
As there were no broadcast,
television, radio and internet rights
revenues for the year ended June 30,
2013, this procedure was not
performed.
Program Sales, Concessions, Novelty Sales and Parking
1. Perform minimum agreed-upon procedures referenced
for all revenue categories (see procedures 1 through 3
under “All Revenue Categories” on page 1).
No exceptions noted.
2. Recalculate totals.
No exceptions noted.
Royalties, Advertisements and Sponsorships
1. Obtain and inspect agreements related to the Program's
participation in revenues from royalties, advertisements
and sponsorships during the reporting period to gain an
understanding of the relevant terms and conditions.
Agreements were obtained and an
understanding of the relevant terms
and conditions was gained.
2. Compare and agree the related revenues to the
Program's general ledger, and/or the statement.
No exceptions noted.
-4-
Procedure
Finding
3. Recalculate totals.
No exceptions noted.
Sports Camp Revenues
1. Inspect sports camp contract(s) between the Program
and person(s) conducting institutional sports camps or
clinics during the reporting period to obtain an
understanding of the Program's methodology for
recording revenues from sports camps.
As there were no sports camp
revenues for the year ended June 30,
2013, procedure was not performed.
2. Obtain schedules of camp participants.
As there were no sports camp
revenues for the year ended June 30,
2013, procedure was not performed.
3. Select a sample of individual camp participant cash
receipts from the schedule of sports camp participants
and agree each selection to the Program's general
ledger, and/or the statement.
As there were no sports camp
revenues for the year ended June 30,
2013, procedure was not performed.
4. Recalculate totals.
As there were no sports camp
revenues for the year ended June 30,
2013, procedure was not performed.
Endowment and Investment Income
1. Obtain and inspect endowment agreements (if any) to
gain an understanding of the relevant terms and
conditions.
The Program does not hold any
endowments. All endowments on
behalf of athletics are held by the
University of North Carolina at
Wilmington.
2. Compare and agree the classification and use of
endowment and investment income reported in the
statement during the reporting period to the uses of
income defined within the related endowment
agreement.
The Program does not hold any
endowments. All endowments on
behalf of athletics are held by the
University of North Carolina at
Wilmington.
An
analysis
of
investment income was performed
and no exceptions were noted.
3. Recalculate totals.
No exceptions noted.
Other
1. Perform minimum agreed-upon procedures referenced
for all revenue categories (see Procedures 1 through 3
under “All Revenue Categories” on page 1).
No exceptions noted and amounts
and explanations for variations from
the prior period and the budget are
reasonable.
2. Recalculate totals.
No exceptions noted.
All Expense Categories
1. Compare and agree each operating expense category
reported in the statement during the reporting period to
supporting schedules provided by the Program.
-5-
No exceptions noted.
Procedure
Finding
2. Compare and agree a sample of operating expenses
obtained from the above operating expense supporting
schedules to adequate supporting documentation.
We tested 60 disbursements from the
entire population of fiscal year 201213 disbursements, during our
engagement.
We
noted
two
exceptions in which the related
disbursements were coded to
incorrect expense accounts. All
miscoding errors that we noted were
corrected. Management has indicated
they are reviewing the coding of
expenditures much more closely for
fiscal year 2013-14.
3. Compare and agree each major expense account to
prior-period amounts and budget estimates. Obtain and
document an understanding of any significant
variations.
No exceptions noted and amounts
and explanations for variations from
the prior period and the budget are
reasonable.
Athletic Student Aid
1. Select a sample of students from the listing of
institutional student aid recipients during the reporting
period.
A sample of ten student aid recipients
was selected.
2. Obtain individual student-account detail for each
selection and compare total aid allocated from the
related aid award letter to the student's account.
No exceptions noted.
3. Recalculate totals.
No exceptions noted.
Guarantees
1. Obtain and inspect home-game settlement reports
prepared by the Program during the reporting period
and agree related expenses to the Program's general
ledger and/or the statement.
No exceptions noted.
2. Obtain and inspect contractual agreements pertaining to
expenses recorded by the Program from guaranteed
contests during the reporting period.
Contractual agreements were
obtained and inspected.
3. Compare and agree related amounts expensed by the
Program to the Program's general ledger and/or the
statement.
No exceptions noted.
4. Recalculate totals.
No exceptions noted.
Coaching Salaries, Benefits, and Bonuses Paid by the
University and Related Entities
1. Obtain and inspect a listing of coaches employed by the
Program and related entities during the reporting
period.
-6-
A listing of all coaches employed by
the Program was obtained.
Procedure
Finding
2. Select a sample of coaches' contracts that must include
men's and women's basketball from the above listing.
A sample of five coaches was
selected, including men’s and
women’s basketball head coaches.
3. Compare and agree the financial terms and conditions
of each selection to the related coaching salaries,
benefits, and bonuses recorded by the Program and
related entities in the statement during the reporting
period.
No exceptions noted.
4. Obtain and inspect W-2s, 1099s, etc. for each selection.
This procedure is not relevant to the
statement of revenues and expenses,
as the statement of revenues and
expenses is prepared on a fiscal year
basis, whereas W-2s and 1099s are
prepared on a calendar year basis. As
an alternative procedure, we traced
and agreed compensation paid for the
sample selected to the University’s
payroll system. No exceptions noted.
5. Compare and agree related W-2s, 1099s, etc. to the
related coaching salaries, benefits and bonuses paid by
the Program and related entities expense recorded by
the Program in the statement during the reporting
period.
This procedure is not relevant to the
statement of revenues and expenses,
as the statement of revenues and
expenses is prepared on a fiscal year
basis, whereas W-2s and 1099s are
prepared on a calendar year basis. As
an alternative procedure, we traced
and agreed compensation paid for the
sample selected to the University’s
payroll system. No exceptions noted.
6. Recalculate totals.
No exceptions noted.
Coaching Other Compensation and Benefits Paid by a
Third-Party
1. Obtain and inspect a listing of coaches employed by
third parties during the reporting period.
A listing of coaches receiving
compensation and benefits from a
third-party that is guaranteed under
contractual agreements with the
University was obtained.
2. Compare and agree the financial terms and conditions
of each selection to the related coaching other
compensation and benefits paid by a third party and
recorded by the Program in the statement during the
reporting period.
No exceptions noted.
3. Obtain and inspect W-2s, 1099s, etc. for each selection.
The 2012 W-2s for three coaches
were obtained and inspected.
4. Compare and agree related W-2s, 1099s, etc. to the
coaching other compensation and benefits paid by a
third party expenses recorded by the Program in the
statement during the reporting period.
We compared the 2012 W-2s to the
expense recorded by the Program
during the reporting period noting no
exceptions.
-7-
Procedure
Finding
5. Recalculate totals.
No exceptions noted.
Support Staff/Administrative Salaries, Benefits
Bonuses Paid by the University and Related Entities
and
1. Select a sample of support staff/administrative
personnel employed by the Program and related entities
during the reporting period.
A
sample
of
staff/administrative
selected.
five
support
personnel was
2. Obtain and inspect W-2s, 1099s, etc. for each selection.
The
2012
W-2s
for
administrative
personnel
obtained and inspected.
3. Compare and agree related W-2s, 1099s, etc. to the
related support staff/administrative salaries, benefits
and bonuses paid by the Program and related entities
expense recorded by the Program in the statement
during the reporting period.
We compared the 2012 W-2s to the
expense recorded by the Program
during the reporting period noting no
exceptions.
4. Recalculate totals.
No exceptions noted.
two
were
Support Staff/Administrative Other Compensation and
Benefits Paid by a Third-Party
1. Select a sample of support staff/administrative
personnel employed by the third parties during the
reporting period.
2. Obtain and inspect W-2s, 1099s, etc. for each selection.
A listing of support staff and
administrative personnel receiving
compensation and benefits from a
third-party that is guaranteed under
contractual agreements with the
University was obtained.
This procedure is not relevant to the
statement of revenues and expenses,
as the statement of revenues and
expenses is prepared on a fiscal year
basis, whereas W-2s and 1099s are
prepared on a calendar year basis. As
an alternative procedure, we traced
and agreed compensation paid for the
sample selected to the University’s
payroll system. No exceptions noted.
3. Compare and agree related W-2s, 1099s, etc. to the
related support staff/administrative other compensation
and benefits expense recorded by the Program in the
statement during the reporting period.
This procedure is not relevant to the
statement of revenues and expenses,
as the statement of revenues and
expenses is prepared on a fiscal year
basis, whereas W-2s and 1099s are
prepared on a calendar year basis. As
an alternative procedure, we traced
and agreed compensation paid for the
sample selected to the University’s
payroll system. No exceptions noted.
4. Recalculate totals.
No exceptions noted.
-8-
Procedure
Finding
Severance Payments
1. Select a sample of employees receiving severance
payments by the Program during the reporting period
and agree each severance payment to the related
termination letter or employment contract.
A sample of employees receiving
severance payments was selected.
2. Recalculate totals.
No exceptions noted.
Recruiting
1. Obtain and document an understanding of the
Program's recruiting expense policies.
We obtained and documented an
understanding of the Program’s
recruiting expense policies.
2. Compare and agree to existing institutional and NCAArelated policies.
No exceptions noted and policies are
consistent with institutional and
NCAA-related policies.
Team Travel
1. Obtain and document an understanding of the
Program's team travel policies.
We obtained and documented an
understanding of the Program’s team
travel policies.
2. Compare and agree to existing institutional and NCAArelated policies.
No exceptions noted and policies are
consistent with institutional and
NCAA-related policies.
Equipment, Uniforms and Supplies
1. Perform minimum agreed-upon procedures referenced
for all expense categories (see procedures 1 through 3
under “All Expense Categories” on pages 5 and 6).
No exceptions noted and amounts
and explanations for variations from
the prior period and the budget are
reasonable.
2. Recalculate totals.
No exceptions noted.
Game Expenses
1. Perform minimum agreed-upon procedures referenced
for all expense categories (see procedures 1 through 3
under “All Expense Categories” on pages 5 and 6).
No exceptions noted and amounts
and explanations for variations from
the prior period and the budget are
reasonable.
2. Recalculate totals.
No exceptions noted.
Fund Raising, Marketing and Promotion
1. Perform minimum agreed-upon procedures referenced
for all expense categories (see procedures 1 through 3
under “All Expense Categories” on pages 5 and 6).
No exceptions noted and amounts
and explanations for variations from
the prior period and the budget are
reasonable.
2. Recalculate totals.
No exceptions noted.
-9-
Procedure
Finding
Sports Camp Expenses
1. Perform minimum agreed-upon procedures referenced
for all expense categories (see procedures 1 through 3
under “All Expense Categories” on pages 5 and 6).
As there were no sports camp
expenses for the year ended June 30,
2013, procedure was not performed.
2. Recalculate totals.
As there were no sports camp
expenses for the year ended June 30,
2013, procedure was not performed.
Direct Facilities, Maintenance and Rental
1. Perform minimum agreed-upon procedures referenced
for all expense categories (see procedures 1 through 3
under “All Expense Categories” on pages 5 and 6).
No exceptions noted and amounts
and explanations for variations from
the prior period and the budget are
reasonable.
2. Recalculate totals.
No exceptions noted.
Spirit Groups
1. Perform minimum agreed-upon procedures referenced
for all expense categories (see procedures 1 through 3
under “All Expense Categories” on pages 5 and 6).
No exceptions noted and amounts
and explanations for variations from
the prior period and the budget are
reasonable.
2. Recalculate totals.
No exceptions noted.
Indirect Facilities and Administrative Support
1. Obtain and document an understanding of the
Program's methodology for allocating indirect facilities
support.
As there was no indirect facilities and
administrative support for the year
ended June 30, 2013, procedure was
not performed.
2. Sum the indirect facilities support and indirect
institutional support totals reported by the Program in
the statement.
As there was no indirect facilities and
administrative support for the year
ended June 30, 2013, procedure was
not performed.
3. Compare and agree indirect facilities and
administrative support reported by the Program in the
statement to the corresponding revenue category
reported by the Program in the statement.
As there was no indirect facilities and
administrative support for the year
ended June 30, 2013, procedure was
not performed.
4. Recalculate totals.
As there was no indirect facilities and
administrative support for the year
ended June 30, 2013, procedure was
not performed.
- 10 -
Procedure
Finding
Medical Expenses and Medical Insurance
1. Perform minimum agreed-upon procedures referenced
for all expense categories (see procedures 1 through 3
under “All Expense Categories” on pages 5 and 6).
No exceptions noted and amounts
and explanations for variations from
the prior period and the budget are
reasonable.
2. Recalculate totals.
No exceptions noted.
Memberships and Dues
1. Perform minimum agreed-upon procedures referenced
for all expense categories (see procedures 1 through 3
under “All Expense Categories” on pages 5 and 6).
No exceptions noted and amounts
and explanations for variations from
the prior period and the budget are
reasonable.
2. Recalculate totals.
No exceptions noted.
Other Operating Expenses
1. Perform minimum agreed-upon procedures referenced
for all expense categories (see procedures 1 through 3
under “All Expense Categories” on pages 5 and 6).
No exceptions noted and amounts
and explanations for variations from
the prior period and the budget are
reasonable.
2. Recalculate totals.
No exceptions noted.
Agreed-Upon Procedures Related to Affiliated and Outside Organizations
Procedure
1. The Program shall identify all intercollegiate athletics-related affiliated and outside organizations and
obtain those organizations’ statements for the reporting period. Once the Program has made these
statements available, the independent accountant shall agree the amounts reported in the statement to
the organization’s general ledger or, alternatively, confirm revenues and expenses directly with a
responsible official of the organization. In addition, the Program shall prepare a summary of revenues
and expenses for or on behalf of intercollegiate athletics programs affiliated and outside organizations
to be included with the agreed-upon procedures report.
Finding
The Program identified the UNCW Student Aid Association, Inc. (the Association) as the only outside
organization making expenditures for, or on behalf of the Program or its employees. The University and
the Association serves as the official legal conduits for the acceptance, investment, and distribution of
private gifts in support of the activities and programs of the Program. Expenditures for, or on behalf of
the Program or its employees are made directly from the University and the Association.
- 11 -
We obtained the statement of activities of the University athletic endowments and the Association
accounts held for the Program for the year ended June 30, 2013, which represents revenues and
expenditures on behalf of the Program. This information was obtained by direct confirmation with the
University and the Association. The following is a summary of the statement of activities for the year:
University of
North Carolina at
Wilmington*
Endowment net position, beginning of
year
$
5,535,921
UNCW
Student Aid
Association, Inc.
$
441,535
Increases in net position
769,464
1,286,961
Decreases in net position
(189,715)
(1,077,610)
Change in net position
Endowment net position, end of year
579,749
$
6,115,670
209,351
$
650,886
* These figures represent the portion of endowment net assets held by The University of
North Carolina at Wilmington designated to benefit the area of Athletics.
Procedure
1. The independent accountant shall obtain and review the audited financial statements of the
organization and any additional reports regarding internal control matters if the organization is
audited independent of the agreed-upon procedures required by NCAA legislation. The
Program’s independent accountant shall also inquire of institutional and outside organization
management as to corrective action taken in response to comments concerning internal control
structure (if any).
Finding
We obtained and read the audited financial statements of the Association for the year ended
June 30, 2013, and the related management letters. The results of this procedure disclosed that the
independent auditors expressed an unmodified opinion on the financial statements of the
Association. The independent auditors noted no material weaknesses in the Association’s internal
control.
We were not engaged to, and did not, conduct an examination, the objective of which would be the
expression of an opinion on the compliance of the accompanying statement of revenues and expenses
(Exhibit I) of the University and the accompanying notes to the statement of revenues and expenses
(Exhibit II). Accordingly, we do not express such an opinion. Had we performed additional procedures,
other matters might have come to our attention that would have been reported to you.
This report is intended solely for the information and use of the management of the University, the
Program, the University of North Carolina at Wilmington Board of Trustees, the University of North
Carolina Board of Governors, and the National Collegiate Athletic Association, and is not intended to be
and should not be used by anyone other than these specified parties.
Gainesville, Florida
December 17, 2013
- 12 -
Exhibit I
UNIVERSITY OF NORTH CAROLINA AT WILMINGTON
INTERCOLLEGIATE ATHLETICS PROGRAM
STATEMENT OF REVENUES AND EXPENSES
FOR THE YEAR ENDED JUNE 30, 2013
(UNAUDITED - SEE ACCOMPANYING INDEPENDENT ACCOUNTANTS' REPORT
ON THE APPLICATION OF AGREED-UPON PROCEDURES)
Men's
Basketball
Revenues
1 Ticket sales
2 Student fees
3 Guarantees
4 Contributions
5 Compensation and benefits provided
by a third-party
6 Direct state or other government support
7 Direct institutional support
8 Indirect facilities and administrative support
9 NCAA and conference distributions, including
all tournament revenues
10 Broadcast, television, radio and internet rights
11 Program sales, concessions, novelty sales
and parking
12 Royalties, advertisements and sponsorships
13 Sports camp revenues
14 Endowment and investment income
15 Other
16
Total operating revenues
Expenses
17 Athletics student aid
18 Guarantees
19 Coaching salaries, benefits and bonuses paid
by the university and related entities
20 Coaching other compensation and benefits
paid by a third-party
21 Support staff and administrative salaries, benefits and
bonuses paid by the university and related entities
22 Support staff and administrative other compensation
paid by a third-party
23 Severance payments
24 Recruiting
25 Team travel
26 Equipment, uniforms and supplies
27 Game expenses
28 Fund raising, marketing and promotion
29 Sports camp expenses
30 Direct facilities, maintenance and rental
31 Spirit groups
32 Indirect facilities and administrative support
33 Medical expenses and medical insurance
34 Memberships and dues
35 Other operating expenses
36
Total operating expenses
37 Transfers to institution
38
Total expenses
Excess (deficiency) of revenues over (under) expenses
$
221,958
155,000
-
Women's
Basketball
$
5,746
30,000
448
Other
Sports
$
73,720
63,565
Nonprogram
Specific
$
50,585
6,423,132
575,583
Total
$
352,009
6,423,132
185,000
639,596
19,575
12,103
-
17,800
48,412
-
26,135
317,286
-
19,095
1,712,941
-
82,605
2,090,742
-
-
-
26,452
-
760,432
-
786,884
-
20,216
323,635
34,000
287,642
10,207,261
30,796
338,102
223,715
355,721
11,508,302
1,640
56,511
466,787
75
39,751
142,232
10,580
12,752
93,453
68,079
692,022
361,656
7,500
273,826
2,000
1,744,380
9,000
-
2,379,862
18,500
795,100
410,511
1,428,391
-
2,634,002
19,575
17,800
26,135
-
63,510
48,010
37,459
-
44,541
177,717
13,334
84,877
655
689
92,016
1,645,670
1,645,670
42,277
147,846
20,994
57,293
4,168
91,871
1,106,045
1,106,045
$ (1,178,883)
- 13 -
$
(963,813)
48,342
678,002
100,595
139,385
563
31,031
475
227,705
4,434,004
4,434,004
$ (3,741,982)
2,243,298
2,328,767
19,095
6,958
53,686
288,614
323,306
476,790
43,023
85,868
51,800
513,954
4,106,392
4,106,392
19,095
6,958
135,160
1,003,565
188,609
570,169
323,306
478,008
43,023
121,756
52,275
925,546
11,292,111
11,292,111
$ 6,100,869
$
216,191
Exhibit II
UNIVERSITY OF NORTH CAROLINA AT WILMINGTON
INTERCOLLEGIATE ATHLETICS PROGRAM
NOTES TO STATEMENT OF REVENUES AND EXPENSES
FOR THE YEAR ENDED JUNE 30, 2013
(UNAUDITED – SEE ACCOMPANYING INDEPENDENT ACCOUNTANTS’
REPORT ON THE APPLICATION OF AGREED-UPON PROCEDURES)
(1)
Basis of Accounting:
The statement of revenues and expenses of the University of North Carolina at Wilmington Intercollegiate
Athletics Program (the Program) has been prepared using the accrual basis of accounting except whereas
noted below. Under this method, revenues are recorded when earned and expenses are recognized when
they are incurred. The statement of revenues and expenses includes adjustments to a liability for
compensated absences. Employees earn the right to be compensated during absences for annual leave
(i.e. personal leave) and sick leave pursuant to §126-8, North Carolina General Statutes. The Program has
recorded an accrual for the liability associated with the employee’s right to receive compensation for
future absences in preparing the statement of revenues and expenses.
(2)
Capital Assets:
Capital asset purchases of the Program are recorded as expenditures when incurred, as capital assets are
recorded in the property funds of the University, and are not recorded as assets in the Program’s
accounting records. As such, no depreciation expense is recorded in the Program’s accounting records.
Capital asset activity for the year ended June 30, 2013, was as follows:
Beginning
Balance
Capital assets being depreciated, net
of accumulated depreciation:
Buildings
Athletic Equipment
Total capital assets being
depreciated, net of
accumulated depreciation
(3)
Additions
Decreases
$ 7,189,614
617,106
$
$
$ 7,806,720
$ 583,793
583,793
Current
Year
Depreciation
Ending
Balance
$
(92,243)
(296,046) $ 6,893,568
(45,167)
1,063,489
$ (92,243) $
(341,213) $ 7,957,057
Contributions:
The University and the Association serve as the official legal conduit for the acceptance, investment, and
distribution of private gifts in support of the activities and programs of the Program. Contributions of
$639,596 were recognized from the University and the Association for the year ended June 30, 2013, and
have been included in the accompanying statement of revenues and expenses. Contributions received
from the University and the Association were the only contributions exceeding 10% of total contributions,
as reported in the statement of revenues and expenses, for the year ended June 30, 2013.
(4)
Surplus/Deficit Allocations:
The Program is allowed to carry forward all available funds at the end of each fiscal year to the next fiscal
year. Deficits are funded by the Program to the extent there are sufficient net assets available.
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